Ivanhoé Cambridge continues to consolidate its operations

Ivanhoé Cambridge is continuing with the consolidation of its operations following the organizational changes announced earlier this year. The Company is pursuing its business plan and reviewing its processes, maintaining its goal of working in an even more integrated fashion, and enhancing the organization’s ability to execute business and investment projects.

“Since our spring announcement, we have made substantial progress. Each step we have taken helps make this world-class real estate company even stronger and better equipped to compete, both here in Québec and globally,” said Daniel Fournier, Chairman and Chief Executive Officer of Ivanhoé Cambridge. “Any major restructuring entails certain adjustments that should enable the organization to become more efficient and competitive. Unfortunately, certain positions end up being abolished, but new career opportunities also arise.”

Accordingly, the Company is eliminating certain positions, creating others and requalifying a few dozen, as a result of which promotions are expected. The Company, which had a staff of 1,501, will be down 30 employees. The downsizing will primarily occur in Montréal and Toronto.

Earlier in 2011, the Company announced that it had consolidated its SITQ and Ivanhoé Cambridge subsidiaries under the name “Ivanhoé Cambridge”. It also revised its administrative structure to focus on its core business activities, namely, investment expertise and operational excellence.

ABOUT IVANHOÉ CAMBRIDGE
Ivanhoé Cambridge is one of the world's 10 largest real estate companies. Its real estate portfolio covers three sectors: shopping centres, office and multi-residential buildings. As at December 31, 2010, the Group's assets totaled more than CDN$30 billion and were present in 24 countries around the world. Headquartered in Montréal, Québec, Ivanhoé Cambridge is the real estate subsidiary of the Caisse de dépôt et placement du Québec, one of Canada's leading institutional fund managers.